Latest News
Everi Holdings to Acquire Assets of Video King
Everi Holdings announced that it has entered into a purchase agreement to acquire certain assets of VKGS LLC (Video King), a privately-owned leading provider of integrated electronic bingo gaming tablets, video gaming content, instant win games, and systems for cash consideration of approximately $59 million to be paid at closing, subject to customary net working capital adjustments.
Everi expects to complete the transaction within 60 days, subject to customary closing conditions. The acquisition, which will include the majority of Video Kingâs assets, will be funded from existing cash on hand and is expected upon closing to be immediately additive to the Companyâs Adjusted EBITDA and Free Cash Flow.
The acquisition is expected to provide Everi with complementary assets and an established customer base to enable additional growth in its Games segment. Currently licensed in approximately 60 jurisdictions, Video King is expected to expand the addressable market for Everiâs player-popular digital gaming content. Subject to regulatory requirements, an estimated 20% of Video Kingâs installed base of portable e-gaming tablets may be enabled to provide players with traditional bingo games and Class II video poker, slots and instant win games, as well as with a digital wallet and loyalty products. Video King generated revenue of more than $25 million in 2022, primarily from recurring revenues generated by an installed base of more than 50,000 portable electronic bingo tablets in tribal casinos, commercial casinos, charitable bingo halls, military bases and cruise lines, as well as from the sale of traditional bingo equipment and consumable products.
âOver the past several years, we have had great success with executing on acquisitions that grow our product capabilities and the markets we serve. During this time, we have established a track record of successfully scaling up acquisitions that have delivered an attractive return on investment and helped drive strong cash flow. We are highly confident that by helping to elevate our current Games, FinTech and Digital solutions with and adjacent to our established customer base, the acquisition of Video King will meet those same criteria and offer Everi with another lever for growth,â Randy Taylor, Chief Executive Officer of Everi, said.
âVideo King provides Everi with an expansive new channel to deploy our growing catalog of digital iGames, as well as enhance the player experience by incorporating our digital wallet and loyalty products, while adding a new source to generate recurring revenue. With an expanding demographic audience looking to engage in increased social and leisure activities, we see a significant opportunity to collaborate with the Video King team to develop new gaming content and play enhancements to optimize player engagement and drive increased customer traffic,â said Tim Richards, Everi Executive Vice President, Chief Strategy and Digital Officer.
âWe are confident that as part of Everi, Video King will be in a very strong position to expand our product offerings to provide our long-time loyal customer base new enhanced games for our tribal, charitable and military markets. The combination of Everiâs games and other digital offerings with our strong electronic bingo base create a unique opportunity to accelerate future growth,â said Tim Stuart, Chief Executive Officer and co-founder of Video King.
Latest News
Low6 partners with Choctaw Casinos & Resorts to deliver new interactive game
Low6, the leading gamification innovator, has announced its latest free-to-play partnership with Choctaw Casinos & Resorts by launching Choctaw T-Box, an interactive mobile game for the Invited Celebrity Classic held at Las Colinas Country Club in Irving, Texas, April 19 â 21.
Designed to engage with golf fans throughout the tournament, the unique second screen experience combines an innovative twist to a much-loved game with the thrill of prize draws.
âChoctaw Casinos & Resorts is committed to engaging and entertaining fans in innovative ways,â said Erica Kosemund, senior director of gaming brand and partnerships for Choctaw Casinos & Resorts. âThe free-to-play Choctaw T-Box game will give fans an added level of interaction at the Invited Celebrity Classic. Low6 has a track record of delivering first-in-class engaging content and we found them to be a perfect fit for the environment we are looking to achieve.â
Players are issued a 25-squared T-Box card with each square randomised with a different event that may occur at the tournament e.g. âMardy Fish scores 4 Birdiesâ. Should the event occur during play, the square is won and players can earn more entries into a Prize Draw with the more squares they win. A single line (5 squares in a row/column/diagonal) is worth 5 bonus entries, a T-shape (top row and centre column) is worth 25 bonus entries and a blackout (all 25 squares) is worth 50 bonus entries.
Fans playing Choctaw T-Box will have a chance to win prizes at the end of each day. Prizes include a package valued at $750 that includes a two-night stay at Choctaw Casino & Resort â Durant, as well as $250 in resort credit. Players can also win $250 in free play. Players must be members of the Choctaw Rewards Club to claim prizes.
Jamie Mitchell, CEO of Low6, said: âWe are incredibly excited with the launch of Choctaw T-Box at the Invited Celebrity Classic. Itâs a classic game with a unique digital sporting spin that will entertain fans even more throughout the tournament. Our innovative white label product allows brands to successfully activate their sponsorships at sporting events and can be fully customised across any sport.â
Latest News
OpenBet: Inside the Rise in Wagering on Women’s March Madness
Wagering on womenâs sports is experiencing a meteoric rise in popularity, according to the latest data provided by global sports betting company OpenBet. The excitement surrounding the NCAAâs Womenâs March Madness, boosted by the âCaitlin Clark Effectâ, has marked a sea change for a sport and competition in which the menâs game has historically dominated wagering activity.
This year, the womenâs college basketball championship saw record wagers processed through the OpenBet sports betting platform, as South Carolina’s victory over Iowa it clutched the title of most watched national basketball game in five years.
The tournamentâs Final Four also attracted an average of 10.8 million views per match, up more than 130% on last year and higher than the menâs game. This upward trend in recognition of womenâs sport shows no sign of slowing down.
âThe womenâs national championship between Iowa and South Carolina was the highest wagered event of the entire tournament,â said Jake Schmidt, MTS Trader at OpenBet.
As interest in womenâs basketball skyrockets, OpenBet is strengthening its player props offering to remain competitive and attract more bettors than ever before.
âA constituent and increasing offering of player prop markets is vital to ensuring the popularity of womenâs March Madness across the sports betting landscape continues to grow,â Schmidt said.
âWith different universities making the tournament each year, I believe this will continue to keep consumers engaged as it is something new each year.â
There also continues to be wider coverage of womenâs sports in the US media and on TV than ever before. Iowaâs Caitlin Clark, at the age of just 22, has left a lasting impact on womenâs basketball as the NCAAâs top scorer and gaining endorsements from the likes of Nike.
âThis year, there were multiple high-profile players driving this increase in popularity,â said Schmidt.
âThe media highlighted all games including key players such as USCâs Juju Watkins, South Carolinaâs coach Dawn Staley and player Kamilla Cardoso, and others from LSU, UConn and Iowa Hawkeyes.â
Another reason for its increase in prominence and wagering activity is down to the length of time women typically spend at college.
âIn contrast to the menâs game, female athletes generally choose to remain in college for longer before choosing to participate in the WNBA draft, allowing consumers to get to know them more and build familiarity,â said Schmidt.
OpenBet continues to deliver a robust and reliable betting engine enabling more people than ever to wager on womenâs sports with confidence. As this trend continues, the award-winning provider will add further player props and sports to exceed expectations from sports bettors.
Compliance Updates
Elys BMG Group Announces Approval for The Ugly Mug Sportsbook in Washington, DC.
Elys BMG Group announced that The Ugly Mug in Washington D.C. has been granted provisional approval from the District of Columbia Office of Lottery and Gaming Regulation and Oversight Division (DCOLG) to open its sportsbook at 723 8th St. SE. As the fourth privately owned sportsbook venue in the District powered by Elysâ innovative Gameboard betting technology, The Ugly Mug stands as a testament to Elysâ commitment to bringing cutting-edge solutions to local businesses and sports enthusiasts.
The grand opening for The Ugly Mug sportsbook is anticipated to occur during the week of April 27th. Elys will unveil the grand opening festivities, promotions, and events as the date draws closer.
With easy access to sports wagering and a classic American menu in a relaxed setting, The Ugly Mug sportsbook is set to become a premier destination in the Navy Yard region of Washington D.C. and is another step forward for Elys becoming the leading betting technology provider for neighborhood sportsbooks in the US.
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